Wednesday, January 11, 2023

By Suzanne Pender

THE price of the average three-bed semi in Co Carlow is expected to rise by 4% over the next 12 months, according to a survey by Real Estate Alliance. Three-bed semi-detached homes in the county now cost an average of €212,500, up 9% on the December 2021 average of €195,000, the REA Average House Price Index shows.

The survey concentrates on the actual sale price of Ireland’s typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide.

First-time buyers made up 45% of the market in the last three months of 2022, with 33% of sales coming from outside the county.

“We predict that the market is going to level out due to higher interest rates, and prices should increase or level off,” said Harry Sothern of REA Sothern in Carlow town, where prices were unchanged at €220,000 this quarter.

“Prices have levelled out for the last few months and we have seen enquiries slowing down during the period.”

Tullow prices were static this quarter at €205,000, with the time taken to sell standing at four weeks.

“Demand in this area will remain good, with first-time buyers still active in the market and not many new builds under construction,” said Matthew Conry of REA Dawson, Tullow.

“Interest rate increases in the New Year will have a big influence on prices in 2023,” he added.

REA agents throughout the country expect prices to rise by just under 3% on average in the next 12 months. The property market is expected to enjoy a calmer 2023 as mortgage interest rates rise and cost-of-living increases affect buying ability, according to the nationwide survey.

The country’s large towns experienced 10% growth last year, with 1.2% in the final quarter, and REA agents say that this will continue throughout next year, albeit at a slower pace, with growth of 3% predicted.

The actual selling price of a three-bedroomed semi-detached house across the country rose by 0.36% over the past three months to €291,667 – representing an annual increase of 8%.

 

 

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